Another EFC question

So based on the EFC calculator I found, I qualify under the simplified needs test because my income is below a certain level. Therefore, assets (bank accounts, homes, etc) are ignored. My question is, if this is true, could I theoretically own a $1M home and have another $1M in the bank and not be expected to use any of it to pay for tuition as long as I make less than a certain amount each year?